The Nation Municipality Drinking Water System. Financial Plan Number &
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1 The Nation Municipality Financial Plan Number & January 25 th, 2016
2 Table of Contents Executive Summary Introduction Legislative requirements Recent Accounting and Policy Changes The Nation Municipality s Limoges St.Isidore Distribution System Financial Plan Forecasted Statement of Financial Position Forecasted Statement of Operations Forecasted Statement of Cash Flow Forecasted Budget Net Debt Debt Service Payments New Debt Assumed Non financial assets that are tangible capital assets, tangible capital assets under construction, inventories of supplies and prepaid expenses Changes in Tangible capital assets that are additions, donations, write downs and disposals Revenues s Limoges two part rate structure: St.Isidore Distribution System uses three part rate structure: Expenses Operating Expenses Accumulated surplus or deficit Table Table Table Table Approval Page 2
3 Executive Summary In 2007, the Ontario Ministry of the Environment (MOE) released O.Reg. 453/07 (Financial Plans) under the Safe Drinking Water Act, 2002 (SDWA). This regulation requires that a Financial Plan is prepared as part of the Municipal Drinking Water Licensing Program set out in Part V of the SDWA. The Financial Plan is intended to ensure that drinking water system owners plan for the long term financial stability of their drinking water systems in order to guarantee safe drinking water into the future. This Financial Plan satisfies the requirements of O.Reg. 453/07 (Financial Plans). One component of the Plan is to provide information on the operating and capital expenditures required to ensure reliability and long term sustainability of The Nation Municipality drinking water systems. This Plan outlines The Nation Municipality s financial status, discusses current and future pressures, outlines the funding structure and provides a financial forecast for the water system. The financial impacts have been considered and applied for 6 year period (2016 to 2021). This Financial Plan is a dynamic document that will be updated regularly and should be considered a work in progress and a working document. At a minimum the Financial Plan is required by regulation to be updated and included with application for the renewal of the water system s Municipal Drinking Water Licence which must be done every five years. However, there are many potential changes that may occur in the interim period that may affect the operating and capital projections. This plan will be updated to reflect these changes as they occur. Page 3
4 1. Introduction The Nation Municipality received its Municipal Drinking Water Licences (MDWL) on August 4 th One of the conditions of receiving the licence is that a Financial Plan that satisfies the conditions of Ontario Regulation 453/07 must be approved by Council within six months after the date the first licence for the system is issued. This Plan has been created to comply with the requirements of Section 3 of O.Reg 453/07 and covers the public portion of The Nation Municipality water treatment and distribution systems which includes all pumping stations, storage reservoirs, elevated storage tanks, watermains, groundwater wells, treatment plant, aeration, low lift works, potassium permanganate system, clarification, filtration, on site storage, high lift works, emergency power, chemical addition. This plan is developed to renew the licences for a second time. The Financial Plan attached was developed for all dinking water systems (St.Isidore Distribution System and Limoges ) as well as tangible capital asset information that the Municipality generated in accordance with the Public Sector Accounting Board (PSAB) standard PS 3150 requirements. The Financial Plan includes a future tangible capital asset acquisition projected to occur over six years, from 2016 to the year Legislative requirements There have been a number of legislative initiatives affecting water system management and operations over the past decade. This regulation was designed by the MOE in response to Honourable Dennis O Connor s Walkerton Inquiry recommendations. The Inquiry Report recommended a comprehensive approach to the delivery of safe drinking water in Ontario. The MOE has responded to the Inquiry recommendations by making legislative changes. One change directly related to the development of this Financial Plan was the passage of the Safe Drinking Water Act, 2002 (SDWA). It requires owners of a municipal drinking water system to apply for and obtain a Municipal Drinking Water Licence. Under Section 30 of the SDWA, the Financial Plan element of the licence program must either be prepared in accordance with the Sustainable Water and Sewage System Act, 2002 (SWSSA) or in accordance with the requirements set by the Minister of the Environment. SWSSA regulations have not been published. Accordingly, the requirements set by the Minister of Environment apply as per the 2007 MOE guidelines. 1.2 Recent Accounting and Policy Changes In June 2006, the Public Sector Accounting Board (PSAB) of the Canadian Institute of Chartered accountants approved new municipal financial accounting and reporting standards requiring that tangible capital assets (TCA), including the assets of drinking water systems, be included in municipal financial statements. Stat 3150 came into effect on January 1, Page 4
5 2. The Nation Municipality s The Nation Municipality was created in 1998 from the amalgamation of the former Township of Caledonia Township of Cambridge, Township of South Plantagenet Village of St.Isidore The Nation s residents and businesses get their drinking water from two separate sources: Limoges St.Isidore Distribution System The two water systems are approximately 35km apart. Both systems are maintained and operated by SIMO/TEAM. 2.1 Limoges The Limoges Drinking Water system service has approximately 1477 service connections servicing a population of approximately 4135.The water is being provided from two groundwater wells located on Russland Road in the Township of Russell. The Limoges consists of two (2) groundwater production wells, (1) drinking water treatment plant, one (1) pumping station and storage reservoir. The treatment process includes aeration, potassium permanganate system, oagulation/flocculation/sedimentation, filtration, chlorination (disinfection), water reservoir and pumping station and chloramination (residual disinfection). The distribution network services the Village of Limoges, Le Baron Estates, Forest Park, Rue du Castor and the Ben Tardiff Mobile Home Park, Limoges Industrial Park, Calypso Water Park and area. The distribution system consists of PVC and polyethylene pipes ranging in size from 25 mm service connections to a 300 mm diameter main. 2.2 St.Isidore Distribution System The St.Isidore Distribution System service has approximately 330 service connections servicing a population of approximately 990. The water is being provided by the Alfred/Lefaivre Drinking System. The St.Isidore Distribution System consists of one (1) secondary disinfection system, one (1) booster pumping station, one (1) storage reservoir, one (1) elevated storage tank and approximately 0.53 kilometers of 250 mm diameter pipes, km of 200 mm diameter pipes and 4.33 kilometers of 150 mm diameter pipes. St. Isidore s distribution consists of PVC and Polyethylene pipes ranging in size from 25 mm service connections to 250 mm watermains. There are 44 hydrants (including 2 on the feeder main), 307 standard service connections, 50 gate valves, isolation and interconnection valves, and blowoff points and drain valve chambers. Page 5
6 3. Financial Plan The Financial Plan Regulation O.Reg. 453/07 requires a Financial Plan to have the following statements: 1. Details of the proposed or projected financial position of the drinking water system itemized by, A. total financial assets, B. total liabilities, C. net debt, D. non-financial assets that are tangible capital assets, tangible capital assets under construction, inventories of supplies and prepaid expenses, and E. changes in tangible capital assets that are additions, donations, write downs and disposals. 2. Details of the proposed or projected financial operations of the drinking water system itemized by, A. total revenues, further itemized by water rates, user charges and other revenues, B. total expenses, further itemized by amortization expenses, interest expenses and other expenses, C. annual surplus or deficit, and D. accumulated surplus or deficit. 3. Details of the drinking water system s proposed or projected gross cash receipts and gross cash payments itemized by, A. operating transactions that are cash received from revenues, cash paid for operating expenses and finance charges, B. capital transactions that are proceeds on the sale of tangible capital assets and cash used to acquire capital assets, C. investing transactions that are acquisitions and disposal of investments, D. financing transactions that are proceeds from the issuance of debt and debt repayment, E. changes in cash and cash equivalents during the year, and F. cash and cash equivalents at the beginning and end of the year. The Nation Municipality Financial Plan has one additional table of the Forecasted Budget in order to provide additional information which the Council is most familiar with. The Financial Plan has been prepared for each year between 2016 and Forecasted Statement of Financial Position The Statement of Financial Position provides information that describes the assets, liabilities, net financial assets, and tangible capital assets of the Municipality s water system. The Forecasted Statement of Financial Position is provided in Table 3-1. Page 6
7 3.2 Forecasted Statement of Operations The Forecasted Statement of Operations projects revenues and expenses. The annual surplus/deficit measures whether the revenues generated were sufficient to cover the expenses incurred and in turn, whether net financial assets have been maintained or run down. An Annual surplus is required to ensure funding is available for costs such as tangible capital asset acquisitions, reserve fund transfers, and debt principal payments. The Forecasted Statement of Operations is provided in Table Forecasted Statement of Cash Flow The Forecasted Statement of Cash Flow projects how cash will be generated and used. The transactions that provide/use cash are classified as operating, capital, investing and financing activities. The Forecasted Statement of Cash Flow is provided in Table Forecasted Budget The Forecasted Budget shows the information in the format in which the municipal budget is presented to Council. It is intended to assist with interpreting the first three tables. The Forecasted Budget is provided in Table Net Debt The Nation Municipality currently has five long term debts. The Limoges & Brisson Water loans were introduced in 2001 when the Limoges Drinking System was born. In 2009 St.Isidore incurred a new loan due to the need to provide a new water source. Name Principal Outstanding as of December 31 st, 2015 Yearly payment Principal and Interest Year Ending Limoges Drinking System Limoges Water Landowners 449,494 84, Brisson Water Project 38,435 7, St.Isidore Distribution System St.Isidore New water source- Landowner 1,616, , Long term debt Growth Brisson Water Project Growth 9,023 1, St.Isidore New Water source Growth 284,848 25, Annual repayment on current debt Chart Page 7
8 3.5.1 Debt Service Payments , , , , , ,000 50, Interest Principal The following table demonstrate the reducing balances of the debt as mentioned in Chart ,500,000 2,000,000 1,500,000 1,000, , Outstanding balance on Current Debt in Chart New Debt Assumed Debt expense is comprised of two parts, interest payments and principal payments. The interest payment is part of current expenses while principal repayments are financial transactions that appear in the financial statements. The Nation Municipality is in the process of studying the possibility of installing two production wells, an additional distribution system from the new wells to the existing water plant and additional water storage for the Limoges. The cost estimates are subject to change based on actual bids from contractors at the time of construction. The project is proposed for the year 2026 and the new debt to be assumed in Page 8
9 3.6 Non financial assets that are tangible capital assets, tangible capital assets under construction, inventories of supplies and prepaid expenses. Tangible capital assets are non-financial assets with physical substance that are acquired, constructed or developed and: Held for use in the production or supply of goods and services; Have useful lives extending beyond an accounting period; Are intended to be used on a continuing basis; and Are not intended for sale in the ordinary course of operations. Construction in progress contains capital projects underway but not complete or put to use. These projects are individually segmented and are capitalized if costs exceed threshold limits. The water system components include and are segmented by water mains, valves, hydrants, services, meters, wells, water treatment plant, intake, towers and pumping stations. Aggregation for threshold purposes is by contract per capital project Changes in Tangible capital assets that are additions, donations, write downs and disposals. Additions are capital assets water infrastructure acquired. Donations are capital assets such as developer constructed services in new subdivisions (i.e. Water, infrastructure) acquired without cash outlay and will be valued at fair market value when the asset is placed into productive use/service. Write downs and disposal of an asset occurs when the asset is removed from service or physical damage, a decision to halt construction of the asset before it is complete or in useable or saleable condition. Page 9
10 3.7. Revenues Revenues are principally made up of the water service rate and consumption charge. The billing periods are quarterly. Revenues have been projected based on system growth assumptions with a number of new customers and also the rate increases. The assumptions are critical and small changes to the assumptions can cause large changes in projected revenue. Therefore all of the revenues will be reviewed annually. In respect of the rates for the Limoges Drinking System the service rate will be status quo for 2016 and will increase thereafter by 2.5% per year and for St.Isidore Distribution System the consumption charge will increase by 4% per year starting % 80% 60% 40% 20% Developers Other Revenue Consumption Charge Base Charge 0% Chart 3.7 Operating Revenues s The projected rates need to be evaluated to determine if they are sufficient to cover the operating expenses and capital expenditures. For this Financial Plan the annual Net surplus/deficit is used to determine if the system is sustainable. The Annual Net Surplus/Deficit measures whether the revenues generated will be sufficient to cover the expenses incurred and also, whether net financial assets will be maintained or run down Limoges two part rate structure: i) service rate ii) consumption rate charge that applies to all water used (the first 48 m 3 consumed in a quarter is charged at $1.69 and the balance at $1.79 per cubic meters) Description Service rate Consumption rate per m Page 10
11 St.Isidore Distribution System uses three part rate structure: i) capital fixed rate ii) service rate iii) consumption rate charge that applies to all water used. Description Capital cost fixed rate Service rate Consumption rate per m Expenses Current Expenses were divided into three categories: operating expenses, interest on long term debt and amortization. The future period operating expenses were assumed to increase by an assumed rate of inflation of 2.5% per annum for the majority of operating expenses. There are current debts with associated repayment periods. New debt is projected for future periods. Future debt is assumed to be for 30 year terms on the capital item for which borrowing is required. The annual amortization expenses were based on the historic cost of assets, which was apportioned over the useful life of the assets using the straight-line amortization method. These amounts were determined previously for the recent PSAB 3150 requirements. Page 11
12 3.8.1 Operating Expenses Operating expenses are the costs incurred for providing the drinking water supply on a day-to-day basis. Items included in operating expenses typically include wages, benefits, contract to third party, materials, utilities, supplies, maintenance, chemicals, equipment, interest on long term debt, amortization expense etc. 2,000,000 1,500,000 1,000, ,000 Amortization Expenses Interest on Long Term Debt Operating Expenses Operating expenses Chart Amortization Expenses The Amortization is a non-cash expense, which represents the usage of tangible capital assets (TCAs).The annual amortization expenses were based on the historic cost of assets, which was apportioned over the useful life of the asset using the straight-line amortization method. 3.9 Accumulated surplus or deficit As stated in Table 3-1, the rate assumptions generate a net surplus for every year of the planning process. The conclusion is that the system is financially sustainable under the assumption provided in the Financial Plan. Page 12
13 Table 3-1 Forecasted Statement of Financial Position For the year ended December Assets Long term receivable 2,019,206 1,931,517 1,840,867 1,747,159 1,650,288 1,550,148 Reserve Fund 2,877,189 2,639,508 2,848,666 3,112,549 3,316,300 Account receivable new developers 275, , , , , ,209 Total Financial Assets 5,022,968 5,066,018 4,718,561 4,814,297 4,960,990 5,043,657 Liabilities Long term Debt - Municipality 275, , , , , ,209 Long Term Debt - Landowners 2,019,206 1,931,517 1,840,867 1,747,159 1,650,288 1,550,148 Total Liabilities 2,295,074 2,188,829 2,079,053 1,965,631 1,848,441 1,727,357 Net financial Asssets (debt) 2,727,894 2,877,189 2,639,508 2,848,666 3,112,549 3,316,300 Non Financial Assets Tangible capital assets 28,113,263 28,498,903 28,625,903 29,144,623 29,219,623 29,244,623 Changes in Tangible Capital Assets Addition 385, , ,720 75,000 25,000 90,000 Tangible capital assets - Work in Progress 2,824,710 2,824,710 2,824,710 2,824,710 2,824,710 2,824,710 10,634,494 7,802,182 8,373,432 8,943,953 9,514,474 10,077,249 Accumulated Amortization Total Non Financial Assets 23,521,431 23,077,181 23,025,380 22,529,859 21,992,084 21,524,839 Accumulated Surplus 26,249,325 25,954,370 25,664,888 25,378,526 25,104,633 24,841,139 Page 13
14 Table 3-2 Forecasted Statement of Operations For the year ended December Revenue User Charge 1,197,931 1,232,542 1,268,052 1,304,493 1,341,896 1,380,292 Other Income 148, , , ,794 97,560 92,153 Total Revenue 1,346,223 1,376,486 1,407,377 1,407,287 1,439,455 1,472,446 Current Expenses Operating 1,196,741 1,238,131 1,269,875 1,302,440 1,335,848 1,370,123 Interest on Long 65,841 60,420 54,823 49,048 43,085 36,932 term debt Amortization 573, , , , , ,245 Other Revenue 168, , , , , ,360 Annual surplus (321,892) (294,956) (289,482) (286,362) (273,893) (263,494) (deficit) Opening, 26,571,218 26,249,325 25,954,370 25,664,888 25,378,526 25,104,633 accumulated surplus Closing, accumulated surplus 26,249,325 25,954,370 25,664,888 25,378,526 25,104,633 24,841,139 Page 14
15 Table 3-3 Forecasted Statement of Cash Flow For the year ended December Annual surplus (321,892) (294,956) (289,482) (286,362) (273,893) (263,494) Amortization 573, , , , , ,245 Decrease in long term receivable 102, , , , , ,084 (Increase) Cash from operations 354, , , , , ,835 Acquisition of tangible capital (385,640) (127,000) (518,720) (75,000) (25,000) (90,000) assets Cash applied to capital transactions (385,640) (127,000) (518,720) (75,000) (25,000) (90,000) Financing activities Repayment of long term (102,830) (106,246) (109,775) (113,422) (117,190) (121,084) liabilities Cash applied to investing (102,830) (106,246) (109,775) (113,422) (117,190) (121,084) activities Net increase (decrease) in cash (133,639) 149,295 (237,681) 209, , ,751 and equivalents Cash open 2,797,933 2,664,295 2,813,589 2,575,908 2,785,067 3,048,950 Cash close 2,664,295 2,813,589 2,575,908 2,785,067 3,048,950 3,252,700 Page 15
16 Table 3-4 Forecasted budget For the year ended December Revenue Tax rate revenue 5,906 5,906 5,906 5,906 5,906 5,906 Consumption 667, , , , , ,736 Service 530, , , , , ,556 Debt Interest Income 65,841 60,420 54,823 49,048 43,085 36,932 Other Income 76,546 77,619 78,596 47,840 48,569 49,316 Contribution from developers 168, , , , , ,360 Total Revenues 1,514,583 1,574,846 1,605,737 1,635,647 1,667,815 1,700,806 Expenses Wages & Benefits 230, , , , , ,763 Material & Supplies 188, , , , , ,675 Subcontract 543, , , , , ,645 Requisition 100, , , , , ,142 Vehicles Operation 31,654 32,445 33,256 34,088 34,940 35,813 Long term debt - interest 65,841 60,420 54,823 49,048 43,085 36,932 Long term debt - principal 102, , , , , ,084 Total Expenses 1,262,582 1,298,551 1,324,698 1,351,488 1,378,933 1,407,055 Net from operations 252, , , , , ,751 To working capital 385, , ,720 75,000 25,000 90,000 Net surplus (deficit) (133,639) 149,295 (237,681) 209, , ,751 Page 16
17 4. Approval Page 17
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